DMX Is Bankrupt
Wed, 07 Aug 2013 12:18:14
Rapper DMX has filed for bankruptcy.
DMX, born Earl Simmons, filed legal papers at the United States Bankruptcy Court in New York City, claiming that he has less than $50,000 in assets and debts of more than $1 million. Yikes!
The papers indicate that his debt ranges from between $1 million to $10 million and that at least $1.2 million is owed in child support payments. Sounds like a fiscal nightmare.
This bankruptcy scenario happens a lot. Why do you think celebs and famous people have so much trouble managing their money? Is it shoddy accounting? Poor planning? What's your opinion?